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Speaker 1: This is Bloomberg surveillance just certainly a heightened set of

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Speaker 1: risks in the US economy right now. And that's because

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Speaker 1: the United States isn't an island. We're part of a

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Speaker 1: global economy with GDP on the healthcare in ways that

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Speaker 1: no other country does. The big argument about accessive world

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Speaker 1: interest rates for very long ter the time is that

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Speaker 1: warps the investment pattern, real investment. Bloomberg Surveillance your link

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Speaker 1: to the world of economics, finance and investment on Bloomberg Radio.

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Speaker 1: Good running everyone, Bloomberg Surveillance. Good morning worldwide, Michael McKee

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Speaker 1: and Tom Kim Bloomberg Radio plus Bloomberg dot Com. Particularly

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Speaker 1: for those of you in Germany listening, Good morning, Michael.

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Speaker 1: Look at that headline after those very challenging regional elections,

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Speaker 1: huge turnout in Germany over the weekend, the chancellor says

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Speaker 1: goal remains to reinstate Schengen borders system. That is a

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Speaker 1: lonely headline. Well, this morning, I'm Golamarco holding a news

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Speaker 1: conference after the election sits. She is not changing her

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Speaker 1: view on refugees. She's not going to be influenced by

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Speaker 1: the vote stick to her course seeking European solutions Nichols

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Speaker 1: with some terrific perspective on that this morning. We thank

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Speaker 1: him for his uh Yeoman duties Bloomberg surveillance. This morning

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Speaker 1: our four X brief brought you by Interactive Broker's winner

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Speaker 1: of FX Weeks two thousand fifteen award for the best

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Speaker 1: Retail Forex trading platform visit ib at, I b k

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Speaker 1: R dot Com Slash four x A turn to the

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Speaker 1: market dollar affectually stronger off d X, y yen one

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Speaker 1: thirteen sixty three euro one eleven twenty eight weeker euro.

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Speaker 1: This morning, I noticed Auzzy, the hydro carbons, the commodity

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Speaker 1: currencies churning around, Ruble seventy point five, six eighty down

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Speaker 1: to seventy within the commodity rally as well. Believe that

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Speaker 1: David Wilson, who's trying to figure out if one company

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Speaker 1: is gonna end up owning all the hotels, is that

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Speaker 1: where we're heading. They own the Waldorf for a gazillion dollars.

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Speaker 1: And am I right that The latest is that this

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Speaker 1: group may be going after Starwood. Yeah, that's sort of

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Speaker 1: how things are shaking out. And there's one war deal

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Speaker 1: in the mix as well, Star Wars Hotels and Resorts

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Speaker 1: Worldwide's up eight percent in early trading. The hotel owner

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Speaker 1: received a twelve point nine billion dollar takeover offer from

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Speaker 1: a group led by China's and Bang Insurance, and they

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Speaker 1: owned the world. They bought it last year, and they

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Speaker 1: just made a deal to buy sixteen hotels and resorts

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Speaker 1: from Blackstone Group for six and a half billion dollars.

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Speaker 1: So that's the other piece of the puzzle. We should

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Speaker 1: point out. Star Wars already accepted an offer from Marriott

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Speaker 1: International that was back in November. Marriott shares by the

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Speaker 1: way up two and a half percent in early trading.

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Speaker 1: And more on the deal front. You have Fresh Market,

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Speaker 1: the most active stock and early trading up about twenty

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Speaker 1: four percent. The supermarket chain accepted a one point four

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Speaker 1: billion dollar buyout offer from Apollo Global Management, and we

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Speaker 1: reported in October that Fresh Market founder Ray Berry was

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Speaker 1: working with Apollo. Barry and his son Brett will keep

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Speaker 1: their steaks in the company. You've got energy stocks lower,

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Speaker 1: with crude oil down more than a dollar a barrel

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Speaker 1: in New York trading. Exxon Mobile and Chevron both off

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Speaker 1: about one percent, Kinder Morgan down one and a half percent,

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Speaker 1: and Chesapeake Energy down six percent, just some of the

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Speaker 1: declines that we're seeing in a darker Petroleum down two

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Speaker 1: and a half percent. The oil national guest producer was

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Speaker 1: selling five year and ten year notes and thirty year

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Speaker 1: bonds that will use the proceeds to refinance maturing debt.

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Speaker 1: As far as analyst calls go, you've got h c

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Speaker 1: A Holdings up one percent. The largest US owner of

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Speaker 1: for profit hospitals was raised the equivalent of buy from

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Speaker 1: hold of JP Morgan Chase, Tesla Motors up two percent.

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Speaker 1: The electric carmaker raised the equip want to buy from

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Speaker 1: neutral Robert W. Baird and Serious Logic up one and

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Speaker 1: a half percent. The chipmaker received a by rating in

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Speaker 1: new coverage that need them Clips Natural Resources up three percent.

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Speaker 1: The mining company said he will restart iron ore production

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Speaker 1: at a Minnesota facility to meet customer demand. One war

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Speaker 1: for you. Three D Systems up twelve and a half percent.

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Speaker 1: They make a three dimensional Printers reported fiscal third court

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Speaker 1: results and three DS adjusted earnings beat analysts average estimate

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Speaker 1: in a Bloomberg survey. Thank you. David will greatly appreciate it.

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Speaker 1: He's a former chairman of the SEC Bloomberg Helpy board

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Speaker 1: member Arthur, I've got to rip up the script and

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Speaker 1: being insurance of China's not publicly traded. They have and

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Speaker 1: you know you can read an Economist article here, a

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Speaker 1: Bloomberg article there all of the incestuous relationships with China

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Speaker 1: government officials from where you sit. If they buy the

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Speaker 1: wall door for billions, are they're part of a group

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Speaker 1: trying to buy star Wars for billions? How should American

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Speaker 1: government or finance react? I think over overjoyed. I think

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Speaker 1: the fact that the Chinese choose to find their money

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Speaker 1: works better for them in the US than in China

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Speaker 1: or elsewhere is a great tribute to our economy. I

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Speaker 1: think the government and people of the United States and

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Speaker 1: business community should be delighted to have outside investment in

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Speaker 1: US assets without a question a sec This week, UM

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Speaker 1: Senate Banking Committee going to hold hearings on a couple

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Speaker 1: of nominations. We've talked with you over the last week

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Speaker 1: or so about how shorthanded the agency is. If you

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Speaker 1: were on the banking having been on the other side,

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Speaker 1: what would be your job interview question for for the candidates? Well,

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Speaker 1: I would ask each candidate how they ranked the three

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Speaker 1: major constituents of the sec our markets, US investors in

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Speaker 1: corporate finance, which one of those would be their priority

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Speaker 1: and my priority? And I believe their priority and every

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Speaker 1: chairman's priority, should place investor interests above all others. If

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Speaker 1: they don't answer the question that way, where I chairman

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Speaker 1: of the Banking Committee, I'd have some reservations. I suspect, however,

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Speaker 1: that the present Chairman of the Banking Committee might have

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Speaker 1: a different order of preference. Investor interests would be in important,

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Speaker 1: but I think he probably would place the other interests

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Speaker 1: ahead of investor interests. Could least of Fairfax or Hester

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Speaker 1: Pierce been nominated twenty years ago, I doubt it. Twenty

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Speaker 1: years ago, they would have been looking for individuals who

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Speaker 1: had some background in securities regulations, securities law, academia, rather

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Speaker 1: than the polarization that comes from individuals who were wedded

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Speaker 1: to one ideology or another. Clearly, each of these new

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Speaker 1: commissioners have an ideologic bent, and I suspect this makes

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Speaker 1: it very difficult for the Chairman to try to work

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Speaker 1: through consensus solutions. That's the secret of a successful commission,

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Speaker 1: if they're able to work together. We haven't seen one

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Speaker 1: of those in many years. Arthur. I hate to say it,

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Speaker 1: but Mike and I actually remember what you say months ago,

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Speaker 1: and I want to bring up something that you said

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Speaker 1: months ago in the heat of whatever the moment Wasn't

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Speaker 1: like folks that can't recall. Arthur Levitt said that the

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Speaker 1: turmoil of our politics is good for the system, and

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Speaker 1: it gets levened out as we moved through the year

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Speaker 1: to the conventions and on. We've had a little bit

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Speaker 1: of an adjustment since then, including the absolute Donny Book

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Speaker 1: of the last ten days. Can you give our listeners

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Speaker 1: confidence that we'll figure this out by the conventions, or

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Speaker 1: possibly that we'll figure it out by the first Tuesday

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Speaker 1: of November. My long winded answer to that would be no,

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Speaker 1: have you, Arthur, I'm honored ask your conment. With your

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Speaker 1: father's public service and your public service and whatever anybody's politics,

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Speaker 1: where did this come from? I've never seen anything like it.

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Speaker 1: The biggest surprise of my life probably was the Bernie

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Speaker 1: Madoff scandal. But the Trump emergence has has Trump that

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Speaker 1: I can't quite believe that the Donald Trump, whom I've

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Speaker 1: met from time to time, is a likely candidate and

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Speaker 1: possible winner of the presidency of this country. But we've

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Speaker 1: survived up to now, and we've lived with presidents that

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Speaker 1: looked great during the conventions and turned out to be inadequate. Uh,

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Speaker 1: maybe Trump will represent something different. I think the country

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Speaker 1: is strong enough to endure almost any personality in the

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Speaker 1: role of president. It's just thank you so much wisdom

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Speaker 1: for Barthur Lovett as we looked at this week my

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Speaker 1: Arthur loved the former chairman of the SEC with us

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Speaker 1: is want to thank you so much. My Twitter feed

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Speaker 1: this this weekend was surreal. Yeah. I don't want to

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Speaker 1: get in the politics of it, but the fact is

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Speaker 1: it was surreal. There was a point I couldn't keep

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Speaker 1: track of whether it was speculation, rumor innuendo, her cold

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Speaker 1: heart about the violence, and folks of political did a

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Speaker 1: very interesting fact check of a certain presidential candidate um

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Speaker 1: and all the things, all the lies he told during

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Speaker 1: the past week. I urge people to take a look

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Speaker 1: at that. We are trying to give you a perspective

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Speaker 1: away from the zaniness of the lack of discourse of it.

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Speaker 1: We think Richard hass particularly this morning, for careful discourse

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Speaker 1: Agree or disagree futures negative five down features negative time

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Speaker 1: now to check in with Michael Barr and get the

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Speaker 1: latest world of national headlines. Michael, Mike, Tom, thank you

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Speaker 1: very much. The Republican and Democratic presidential candidates, Sara getting

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Speaker 1: ready for another big Tuesday, with primaries tomorrow in Ohio, Illinois, Missouri,

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Speaker 1: North Carolina, and Florida. Ohio is a winner take all contest.

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Speaker 1: Donald Trump is hoping to triumph in the state of

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Speaker 1: rival and Ohio Governor John Kasig. Florida is the home

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Speaker 1: state of another Republican rival, Senator Marco Rubio. President Obama

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Speaker 1: could nominate someone to the Supreme Court as early as

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Speaker 1: this week, and the Republican National Committee says it is

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Speaker 1: launching an add and pr campaign to derail anyone the

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Speaker 1: President picks to replace late Justice Anton and Scalia, who

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Speaker 1: died last month. Authorities say twenty nine people have been

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Speaker 1: taken to hospitals following a train to Railman in southwest Kansas.

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Speaker 1: The train traveling from Los Angeles to Chicago. The rail

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Speaker 1: just outside of Dodge City. Overnight Global News twenty four

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Speaker 1: hours a day, powered by its twenty four hundred journalists

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Speaker 1: and more than a hundred fifty news verreas from around

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Speaker 1: the World. I'm Michael bar Mike Tomca, thanks so much.

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Speaker 1: It's a dollar down a stick. Somebody said, what's the stick?

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Speaker 1: A stick is one dollar seven fifty a barrel. This

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Speaker 1: is jargon free Bloomberg Surveillance market drivers brought to you

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Speaker 1: Radio plus Mobile Act and on your radio. This is

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Speaker 1: a Bloomberg Business flash and I'm Karen Moscow. This updates

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Speaker 1: stock index futures are lower after a rally Sandy S

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Speaker 1: and P five hundred index to its highest closed this year,

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Speaker 1: and as investors await further assurances that central banks will

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Speaker 1: continue to support growth, who check the markets every f

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Speaker 1: teen minutes throughout the trading day. On Bloomberg SNP eveny

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Speaker 1: future is down five points, Dow E Mini futures down

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Speaker 1: twenty eight and nasdac emity futures down eleven dacks. In

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Speaker 1: Germany's up one point three percent. Ten year treasury up

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Speaker 1: seven thirty seconds, the yield one point nine five percent

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Speaker 1: yield on the two year point nine five percent. NIMEX

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Speaker 1: scret oil down two point eight percent or a dollar

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Speaker 1: seven to thirty seven forty three a barrel. Comex gold

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Speaker 1: is down less than a tenth of upper cent, down

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Speaker 1: sixty cents a twelve fifty eight eighty announced the euro

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Speaker 1: at dollar eleven seventeen, the yen one thirteen point six one.

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Speaker 1: That's a Bloomberg business flash, Tom and Mike Carabosco, thank

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Speaker 1: you very much for the Bank of Japan is the

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Speaker 1: first central bank this week to announce its decision. We

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Speaker 1: will get it tomorrow overnight in the In the US,

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Speaker 1: John Vale will not be staying up. He'll read about it.

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Speaker 1: He'll get the email in the middle of the night.

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Speaker 1: He is, of course, chief Global Strategist, Head of Investment

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Speaker 1: Strategy Group at Nico Investment Management. So he Uh, he's

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Speaker 1: need to keep a very close eye on what happens

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Speaker 1: with the Bank of Japan. Bank of Japan. At their

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Speaker 1: last meeting on January surprise, well, I would say shocked.

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Speaker 1: The markets went to negative interest rates. Didn't work out

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Speaker 1: very well. Uh the end, instead of getting weaker, got stronger.

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Speaker 1: Banks were very upset because their computer systems weren't set

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Speaker 1: up to handle negative interest rates. A lot of criticism.

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Speaker 1: Uh for kronasan Um. Does that mean they're much less

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Speaker 1: likely to do something like that this time? John? Yeah,

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Speaker 1: So now the consensus is that they will do nothing

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Speaker 1: this meeting and perhaps wait till April. But you never know.

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Speaker 1: With krotosan he does like to surprise the markets, and

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Speaker 1: so one cannot give a zero probability of them doing

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Speaker 1: anything this time. Maybe it might be as high as

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Speaker 1: thirty or fort but they probably would not do anything

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Speaker 1: on the negative interest rate front. But constant trade on

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Speaker 1: more quantitative purchases instead. Quantitative easing or q q E

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Speaker 1: is what they like to call it in Japan. Uh,

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Speaker 1: They've been doing it for years now to little effect.

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Speaker 1: What more can they do? How is it? How's it

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Speaker 1: going to be different. If they did that, well, they

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Speaker 1: might concentrate more on corporate bonds, for instance, like the

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Speaker 1: ECB has done, and that might lower the borrowing rates

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Speaker 1: for corporations and stimulate investment. They also might do more

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Speaker 1: on e t F equity e t F s, which

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Speaker 1: could pump up the stock market. But you're right that

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Speaker 1: there's a a lot of diminishing returns in some cases,

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Speaker 1: and additional um QB purchases are not necessarily going to

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Speaker 1: change the role of Japan. But we have to remember

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Speaker 1: too that Japan is not supposed to be growing at

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Speaker 1: two or three percent a year. It was a GDP

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Speaker 1: one scent is probably their normal, so we shouldn't expect

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Speaker 1: too much. Would you explain to me, and I love

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Speaker 1: this language, companies which are proactively making investment in physical

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Speaker 1: and human capital. This is economic gobbledygook to say we're

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Speaker 1: so desperate we're going to buy equities. The Bank of

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Speaker 1: Japan proposes, I'm not sure they've done this. They're gonna

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Speaker 1: go out and buy shares of Toyota and bring them

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Speaker 1: onto the bank's balance sheet. They've actually been doing that

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Speaker 1: for a long time. They hadn't done it for monetary

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Speaker 1: policy reasons. But they've been buying equity E t F

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Speaker 1: since two thousand and nine or two dozens have a

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Speaker 1: very small amounts and not for monetary they their purpose

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Speaker 1: for them buying equity ETFs has all along been just

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Speaker 1: a show of confidence, uh, and to try to stimulate

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Speaker 1: confidence in the econ me and in the stock market.

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Speaker 1: But there's a possibility that they might bump that up

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Speaker 1: into more serious mode. I mean, we talked about the

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Speaker 1: upward over negative rates and you know, buying corporate bonds.

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Speaker 1: I think all of our listeners would find it bizarre

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Speaker 1: that part of QUI or q q E or q

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Speaker 1: q q E is Sureford chre Yellen to buy shares

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Speaker 1: of name the company Amalgamated Steel. It does it does

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Speaker 1: seem like Alison Wonderland sort of scenario. Um, even buying

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Speaker 1: corporate bonds by e c P was is moving into

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Speaker 1: the private sector. I guess you could just say that

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Speaker 1: the Fed buying uh you know, Fanny May bonds and

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Speaker 1: it's que over the last what is it, uh, seven years,

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Speaker 1: is a form of intervention in the private sector. They

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Speaker 1: were trying to get mortgage rates down right, But anyway, Um, yes,

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Speaker 1: it's possible that equities is the is a new front

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Speaker 1: for central banks. I mean, Mike, I don't know how

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Speaker 1: to equate equity purchase with all of the variables there

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Speaker 1: that we know and love with negative interest rate in

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Speaker 1: that debate? Is so Harohica Krota on the same page

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Speaker 1: as Abby these days. Yes, I think they're working pretty

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Speaker 1: closely together. Um, and they have the same goal, that

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Speaker 1: is to stimulate spending, becausumer spending and capital spending. And

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Speaker 1: fortunately that they are aligned in that regard. How are

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Speaker 1: they doing, I mean, give us an update on real

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Speaker 1: and nominal GDP with the Japan I believe I see

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Speaker 1: a negative one point one statistic. Yeah, the fourth quarter

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Speaker 1: last year was very disappointing, especially consumer spending was to

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Speaker 1: have more than three percent annualized in the quarter. So yeah,

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Speaker 1: it's a mixed message and they're not happy. Neither of

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Speaker 1: those two gentlemen are happy with the way things are going.

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Speaker 1: So they do have a pretty big incentive to try

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Speaker 1: for more. And um, I guess it's sort of a

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Speaker 1: one way street. They're not going to give up. I mean,

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Speaker 1: I mean, I'm dealing with the chart folks back thirty

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Speaker 1: years of the US with a sloping downward real g

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Speaker 1: d P. Constructively back twenty years, I can say Japan

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Speaker 1: at least is flat, except it's flat at zero point zero.

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Speaker 1: I mean the regression back twenty years is a quarterly

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Speaker 1: statistic of zero point six, which is barely growth. Right, Um,

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Speaker 1: I'd be supposed if it was that low, that's the

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Speaker 1: that's phenomena of the real real, that's real. Well, it's

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Speaker 1: been slow growth and the truth is not many people

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Speaker 1: maybe realized this is that the potential growth as measured

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Speaker 1: by the Bank, as you said, under one, it's yeah,

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Speaker 1: it's about one or less. So um, with that declining

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Speaker 1: population and whatnot, it's uh, it's hard to grow. Let's

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Speaker 1: come back John Vale with this with Nico as we

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Speaker 1: look at the bankach of and uh a very central

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Speaker 1: bank week Bloomberg Surveillance. We're kinding you down to the

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Speaker 1: opening bill, brought to you by the jeep Grand Cherokee,

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Speaker 1: broadcasting live to New York, Gloomberg eleventh Yo to Washington,

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Speaker 1: d C Bloomberg to Boston, Bloomberg, dwell on to San

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Speaker 1: Francisco Bloomberg nine six to the country, serious X General

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Speaker 1: one ninety and around the grow the Bloomberg Radio Bosen

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Speaker 1: Bloomberg dot Com, This is Bloomberg Surveillance and good Morning

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Speaker 1: on Karen Moscow along with Tom Keene and Michael McKee

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Speaker 1: on the opening ballance. Brought to you by se I

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Speaker 1: imagine when asset management servicing is unconstrained by infrastructure. See

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Speaker 1: a business expansion and as see i C dot com

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Speaker 1: slash imagine stocks lower at the open the SNP five

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Speaker 1: hundred down a quarter percent or four points to twenty seventeen.

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Speaker 1: Downtown's industrial average down about two tenths per cent or

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Speaker 1: twenty eight points to seventeen thousand one D eighty five

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Speaker 1: then has to actual down three ten percent or fourteen

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Speaker 1: points to forty seven thirty four. Can your treasury up

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Speaker 1: six thirty seconds the yield one point nine six percent

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Speaker 1: yield on the two year point nine five percent n

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Speaker 1: i'm x Scrude oil down two point nine percent or

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Speaker 1: a dollar twelve to thirty seven thirty nine, A barrel

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Speaker 1: comes gold is little change down sixty cents to twelve

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Speaker 1: fifty eight ninety announced the euro a dollar eleven o nine,

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Speaker 1: the yen one thirteen point six eight. Tom and Mike Karen,

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Speaker 1: thanks so much. Appreciate a jump veil with us with

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Speaker 1: Nicos sent management. Of course, the story career in Japanese

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Speaker 1: money management and in strategy as well. I've been dying

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Speaker 1: to ask you this question because you're living it with Japan.

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Speaker 1: We used to work in a nominal space inflation plus

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Speaker 1: real g d P, and then inflation became so big

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Speaker 1: and so distorted. Anybody shifted from nominal to real analysis.

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Speaker 1: How do you respond to the idea, since there's no

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Speaker 1: inflation or little inflation, we should shift back to nominal

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Speaker 1: animal spirit inflation plus real GDP analysis, should we? Well,

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Speaker 1: if you follow the Japanese example, you should look at

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Speaker 1: probably both. I mean, for instance, nominal GDP was running

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Speaker 1: about zero for the last twenty years, but real GDP

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Speaker 1: was positive, and so both are important because nominal was

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Speaker 1: telling you that there was a real problem, but one

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Speaker 1: percent real was telling you that the economy is growing

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Speaker 1: at basically its potential growth rates. So you have to

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Speaker 1: look at both, I think and you're right that have

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Speaker 1: to study it very deeply. Did we ever figure out

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Speaker 1: who leaked the decision of the Bank of Japan decision?

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Speaker 1: Last you know, the report came out in Nika that

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Speaker 1: they had discussed negative interest in them. The markets moved

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Speaker 1: significantly before the bank announced its planned I have no

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Speaker 1: idea about that, but whether whether it's how that happens

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Speaker 1: to be honest, does it be interesting to see if

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Speaker 1: if that happens again? Uh? It may be a case

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Speaker 1: if they do nothing as the consensus of what they say,

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Speaker 1: which is what we've gotten into with the FED these days.

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Speaker 1: We talked about what they might do, but what might

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Speaker 1: Coronas say, Um, particularly if they don't make any policy change,

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Speaker 1: how does he move the market by job owning? It's

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Speaker 1: tough for him because he hasn't been uh forthright, I

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Speaker 1: guess you could say, and the way that he has

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Speaker 1: led the market or has uh given guidance, and so

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Speaker 1: I think they're looking for action, uh, not words uh

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Speaker 1: in terms of potential moves. But he could say he

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Speaker 1: could indicate something like as I was discussing before that

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Speaker 1: equity purchases for monetary policy reasons, for q q E

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Speaker 1: reasons is on the table. He could say something like

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Speaker 1: that and that would actually impact I would say that

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Speaker 1: the stock market more than anything, but perhaps sentiment in general.

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Speaker 1: One of the great things, folks, of the Bloomberg and

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Speaker 1: the search engine we have is I can get something

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Speaker 1: in my brain and I can find a chart that

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Speaker 1: I've never ever once looked at. I just did that.

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Speaker 1: I just put it out on Bloomberg Radio plus. Japanese

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Speaker 1: employment total employment from the pre boom sixties is a

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Speaker 1: straight line up. They had a twenty million forty five

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Speaker 1: to sixty whatever that is, million units and basically it's flatline.

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Speaker 1: John Vale since almost to mark, it's flatline for twenty

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Speaker 1: four years and even declined. Is it flat wine because

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Speaker 1: of demographics or is flat wine because of no economic growth?

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Speaker 1: I mean the I know the answer is both. But

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Speaker 1: if I extrapolate out the previous employment trend, which I

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Speaker 1: assume includes a lot of distortions for women, I'm just

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Speaker 1: eyeball in this, folks. I'm going to add on conservatively,

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Speaker 1: sixteen million bodies is what should have been which never

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Speaker 1: occurred because jobs of flatline for twenty four years. Well, yes,

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Speaker 1: I'd have to put a demosly too, demographics, And it's

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Speaker 1: true that the only reason why that employed number doesn't

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Speaker 1: follow more is because more women have entered the labor force.

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Speaker 1: I mean, Japan to large degree was single family earning

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Speaker 1: country for quite a while and that shifted now. So

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Speaker 1: you're saying the number the chart would be worse. Yes,

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Speaker 1: how many years have we seen a female trend and

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Speaker 1: employee It's actually only been about me. It's always been

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Speaker 1: fairly high um in certain age groups in Japan. It's

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Speaker 1: just in the child bury child rearing uh um ages

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Speaker 1: for women who was always remarkably low in Japan because

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Speaker 1: they did stay at home and uh we're their children.

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Speaker 1: But now that age group is starting to push up,

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Speaker 1: and because the ABBE and his administration have been trying

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Speaker 1: very hard to push this further, to get more women

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Speaker 1: of that age group into the labor force by building

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Speaker 1: new kindergartens and having more flexible work hours, that sort

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Speaker 1: of thing. So I guess you could give him credit

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Speaker 1: for keeping a thin number of jobs stable in Japan,

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Speaker 1: but you've got to see it falling um at some

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Speaker 1: point even further, because the unless they change on immigration,

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Speaker 1: which I don't think they'll do. Um, it's going to be.

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Speaker 1: It's gonna be a downward path. That just has to be.

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Speaker 1: I'm putting this chart out, Mike. It's a fancy regression

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Speaker 1: chart log of employment. Just it's just breath taking to

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Speaker 1: see what John would be the possibility that Corona does

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Speaker 1: a druggy and throws the kitchen sink at something. Um,

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Speaker 1: it's a I think it's small that he would do

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Speaker 1: anything on the interst right front because it has, as

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Speaker 1: you mentioned, just caused so much trouble, and it's it's

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Speaker 1: not exactly possible to strip out what was caused and

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Speaker 1: effect there. I mean, the b o J went to

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Speaker 1: negative rates, it's just surprise the market pushed bank shares

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Speaker 1: prices down and pushed the stock market down in general

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Speaker 1: because they thought that, you know, the b o J

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Speaker 1: was panicking. But in the end, um, I think they

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00:27:49,359 --> 00:27:53,679
Speaker 1: got what they wanted with lower interest rates uh on,

431
00:27:53,840 --> 00:27:56,560
Speaker 1: in the in the bond market. So it's not And

432
00:27:56,600 --> 00:27:59,320
Speaker 1: then of course the fact that the global stock markets

433
00:27:59,320 --> 00:28:03,440
Speaker 1: went down in early February didn't help. For instance, the end,

434
00:28:03,480 --> 00:28:06,360
Speaker 1: I mean the end that's stronger again for many reasons.

435
00:28:06,400 --> 00:28:09,600
Speaker 1: Not just because they were uh negative reaction to the

436
00:28:09,600 --> 00:28:12,480
Speaker 1: b o J policy, But yes, I don't think he'll

437
00:28:12,520 --> 00:28:14,639
Speaker 1: throw the kitchen sink at it at this time. And

438
00:28:14,640 --> 00:28:18,520
Speaker 1: we've got oil prices moving up again, We've got we've

439
00:28:18,560 --> 00:28:22,320
Speaker 1: got some growth in the state's uh picking up again,

440
00:28:22,400 --> 00:28:25,880
Speaker 1: and uh so I doubt that he feels he has

441
00:28:25,920 --> 00:28:28,760
Speaker 1: to do that right now. John l thank you so

442
00:28:28,840 --> 00:28:31,160
Speaker 1: much as you look at b o J. Mike help

443
00:28:31,240 --> 00:28:34,280
Speaker 1: me here, it's tomorrow, which means it's tonight. Like what

444
00:28:35,200 --> 00:28:38,960
Speaker 1: well last time it comes out. I think it's roughly

445
00:28:38,960 --> 00:28:44,080
Speaker 1: ten o'clock our time somewhere shortly in New York. So

446
00:28:44,160 --> 00:28:46,880
Speaker 1: you and I here ten hours of sleeping Tokyo and

447
00:28:47,200 --> 00:28:50,800
Speaker 1: three hours of three I'd like to be four or five. Well,

448
00:28:50,800 --> 00:28:53,760
Speaker 1: there it is, John Vale will be stay up and

449
00:28:54,040 --> 00:28:57,200
Speaker 1: get the news for us. Absolutely but seriously, folks, with

450
00:28:57,240 --> 00:29:00,160
Speaker 1: our work on economics, the Bank of Japan, in the

451
00:29:00,200 --> 00:29:04,080
Speaker 1: Bank of England and inside it Fellow Reserve coverage on Wednesday,

452
00:29:04,120 --> 00:29:07,960
Speaker 1: I am thrilled to announce the scarlet food after weeks

453
00:29:08,080 --> 00:29:11,600
Speaker 1: of negotiation, when s Foo will join me and Michael

454
00:29:11,640 --> 00:29:15,200
Speaker 1: McKee for our FED coverage. Mike, she played so hard

455
00:29:15,280 --> 00:29:19,120
Speaker 1: to get it was an outrage. It's it was almost

456
00:29:19,120 --> 00:29:21,640
Speaker 1: like China sign a quarterback for the Denver Bronc. It was.

457
00:29:22,000 --> 00:29:24,160
Speaker 1: It was a lot like the scarlet from Michael McKee

458
00:29:24,160 --> 00:29:26,600
Speaker 1: and Tom Keane. We will have for you fed coverage

459
00:29:27,120 --> 00:29:31,600
Speaker 1: on Wednesday on Bloomberg Radio and Bloomberg Television The Down

460
00:29:31,640 --> 00:29:38,240
Speaker 1: Negative thirty VIC seventeen point zero one dime out to

461
00:29:38,320 --> 00:29:40,040
Speaker 1: check in with Michael br got the latest world of

462
00:29:40,160 --> 00:29:43,240
Speaker 1: national headlines. Michael back, Tom, thank you very much. Republican

463
00:29:43,400 --> 00:29:46,800
Speaker 1: and a Democratic presidential candidates, they're getting ready for another

464
00:29:46,920 --> 00:29:52,200
Speaker 1: big Tuesday. Primaries take place in five states Ohio, Illinois, Missouri,

465
00:29:52,400 --> 00:29:56,920
Speaker 1: North Carolina, and Florida. Ohio is a winner take all contest.

466
00:29:57,440 --> 00:30:00,320
Speaker 1: Within a quarter of the one thousand seven that gets

467
00:30:00,400 --> 00:30:03,240
Speaker 1: needed for the Republican nomination are up for grabs in

468
00:30:03,280 --> 00:30:08,080
Speaker 1: the five states. Democratic presidential candidates Hillary Clinton and Bernie

469
00:30:08,120 --> 00:30:11,600
Speaker 1: Sanders both agree that Donald Trump needs to tone down

470
00:30:11,600 --> 00:30:15,320
Speaker 1: the rhetoric. Clinton, during a townhole event on CNN, also

471
00:30:15,360 --> 00:30:17,960
Speaker 1: made a push to use clean renewable energy to bring

472
00:30:18,000 --> 00:30:22,000
Speaker 1: economic opportunity back to coal country. Now we've got to

473
00:30:22,080 --> 00:30:25,840
Speaker 1: move away from coal and all the other fossil fuels.

474
00:30:26,040 --> 00:30:27,840
Speaker 1: But I don't want to move away from the people

475
00:30:28,200 --> 00:30:31,400
Speaker 1: who did the best they could to produce the energy

476
00:30:31,480 --> 00:30:35,000
Speaker 1: that we relied on. Turkey state run news agency says

477
00:30:35,040 --> 00:30:38,760
Speaker 1: police detained dozens of suspected militants today, just hours after

478
00:30:38,800 --> 00:30:42,400
Speaker 1: a suicide car bombing attack, and Anchora the senior government

479
00:30:42,440 --> 00:30:45,360
Speaker 1: officials says authorities believe Sunday's attack that killed thirty seven

480
00:30:45,360 --> 00:30:49,280
Speaker 1: people was carried out by two bombers. Meanwhile, Turkish warplanes

481
00:30:49,720 --> 00:30:53,040
Speaker 1: carried out air strikes against Kurdish militants in northern Iraq.

482
00:30:53,520 --> 00:30:56,520
Speaker 1: Global News twenty four hours a day, powered by our

483
00:30:56,640 --> 00:30:59,720
Speaker 1: twenty four hundred journalists and more than one fifty news

484
00:30:59,720 --> 00:31:03,160
Speaker 1: bureau from around the world. Michael Barr and Michael thanks

485
00:31:03,200 --> 00:31:05,479
Speaker 1: so much that two year healed point nine six tenure

486
00:31:05,840 --> 00:31:11,040
Speaker 1: one point very close to two Michael McKee and Tom

487
00:31:11,120 --> 00:31:21,760
Speaker 1: Keen Wednesday, Fed Day. This is Bloomberg's surveillance. Bloomberg Surveillance

488
00:31:21,760 --> 00:31:24,120
Speaker 1: brought to by Flushing Bank. Open a complete business checking

489
00:31:24,160 --> 00:31:26,120
Speaker 1: account with fifteen thousand dollars or more and get a

490
00:31:26,160 --> 00:31:28,960
Speaker 1: free sixteen gig WiFi tablet. Visit Flushing bank dot com

491
00:31:29,040 --> 00:31:38,240
Speaker 1: for details. Remember ft I C Equal Housing London Global

492
00:31:38,280 --> 00:31:41,400
Speaker 1: Business News twenty four hours a day. If Bloomberg dot

493
00:31:41,440 --> 00:31:44,280
Speaker 1: Com the Radio plus mobile lap had on your radio,

494
00:31:44,600 --> 00:31:48,520
Speaker 1: this is a Bloomberg business flash and I'm Karin. Moscow

495
00:31:48,680 --> 00:31:51,360
Speaker 1: songs are slipping from their highest levels this year, led

496
00:31:51,360 --> 00:31:55,000
Speaker 1: by commodity shares as investors await further assurances that central

497
00:31:55,000 --> 00:31:57,959
Speaker 1: banks will continue to support growth. We check the markets

498
00:31:58,000 --> 00:32:01,400
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SNP

499
00:32:01,560 --> 00:32:04,280
Speaker 1: five hundred down three tens percent or almost seven points

500
00:32:04,280 --> 00:32:07,560
Speaker 1: to twenty fifteen down. Jones Industrial Average down two tenths

501
00:32:07,600 --> 00:32:10,360
Speaker 1: percent or thirty nine points to seventeen thousand, one hundred

502
00:32:10,480 --> 00:32:13,160
Speaker 1: seventy two. The Nastacs down two tenths per cent or

503
00:32:13,240 --> 00:32:16,320
Speaker 1: nine points to forty seven thirty eight ten. Your Treasury

504
00:32:16,360 --> 00:32:18,680
Speaker 1: up nine thirty seconds. The yield one point nine five

505
00:32:18,720 --> 00:32:21,280
Speaker 1: percent yield on the two year point nine five percent.

506
00:32:21,720 --> 00:32:24,080
Speaker 1: Nim X screwed oil down three point six percent or

507
00:32:24,080 --> 00:32:26,440
Speaker 1: a dollar thirty nine to thirty seven ten. A barrel

508
00:32:26,680 --> 00:32:29,280
Speaker 1: comes gold on a tens percent or ten dollars to

509
00:32:29,320 --> 00:32:32,640
Speaker 1: twelve forty nine seventy announced the euro a dollar eleven

510
00:32:32,640 --> 00:32:36,360
Speaker 1: oh three, the n one thirteen point six four Starwood

511
00:32:36,400 --> 00:32:40,800
Speaker 1: Hotels and Resorts Worldwide, which is being bought by Marriott International,

512
00:32:40,880 --> 00:32:44,320
Speaker 1: received a separate unsolicited takeover proposal from a group of

513
00:32:44,360 --> 00:32:48,280
Speaker 1: companies led by ang Bang Insurance Group. Starboard shares moving

514
00:32:48,360 --> 00:32:51,960
Speaker 1: higher this morning of seven point three percent. The fresh

515
00:32:52,000 --> 00:32:55,200
Speaker 1: market is up twenty three and a half percent. Apollo

516
00:32:55,200 --> 00:32:57,840
Speaker 1: Global Management degreed to buy the grosser for about one

517
00:32:57,840 --> 00:33:01,320
Speaker 1: point four billion dollars in cash. And that's a Bloomberg

518
00:33:01,360 --> 00:33:05,080
Speaker 1: business flash, Tom and Mike Karen, thanks so much Blueberg Surveillance.

519
00:33:05,120 --> 00:33:10,560
Speaker 1: This Monday, much of my Interactive Brokers Investors Marketplace, an

520
00:33:10,560 --> 00:33:15,200
Speaker 1: online service where traders, investors and institutions can meet and collab,

521
00:33:15,400 --> 00:33:19,440
Speaker 1: collaborate and answer trading experience or expand your business. Visit

522
00:33:20,040 --> 00:33:23,320
Speaker 1: I b k R dot com Slash services. This has

523
00:33:23,360 --> 00:33:25,960
Speaker 1: been a terrific day. You know, you know, Mike, Mike

524
00:33:26,040 --> 00:33:28,240
Speaker 1: and I get up. We will get sometimes you get

525
00:33:28,280 --> 00:33:30,479
Speaker 1: up at twelve thirty, but usually we get up by

526
00:33:30,520 --> 00:33:33,400
Speaker 1: like one thirty am. And I really thought, Mike that

527
00:33:33,480 --> 00:33:36,800
Speaker 1: today would be just deadly, and instead it has been

528
00:33:37,000 --> 00:33:42,880
Speaker 1: exceptionally interesting. And Ellen Zentner with her shift on what

529
00:33:43,000 --> 00:33:48,640
Speaker 1: do federal to? And it's a no inflation call partitioned

530
00:33:48,880 --> 00:33:53,840
Speaker 1: domestic realities versus trade and energy, and she just flat

531
00:33:53,840 --> 00:33:55,400
Speaker 1: outside of the trade is not going to be there,

532
00:33:55,720 --> 00:33:57,760
Speaker 1: and energy is not gonna be there. That's one call

533
00:33:57,800 --> 00:34:00,880
Speaker 1: and not saying I agree with that. It's this partition.

534
00:34:01,480 --> 00:34:05,920
Speaker 1: Economists have many hands and there are many different views

535
00:34:06,080 --> 00:34:09,279
Speaker 1: on many different aspects of it. They all go into

536
00:34:09,480 --> 00:34:13,799
Speaker 1: making a forecast. Um, then it will be We're gonna

537
00:34:13,800 --> 00:34:15,640
Speaker 1: have to wait and see on that. We don't think

538
00:34:15,640 --> 00:34:17,399
Speaker 1: the Fed is going to do anything, but it's gonna

539
00:34:17,400 --> 00:34:20,520
Speaker 1: be very interesting to see what they say on Wednesday,

540
00:34:20,560 --> 00:34:24,839
Speaker 1: if they're setting us up for a June move or not,

541
00:34:25,160 --> 00:34:29,160
Speaker 1: and whether or not. Uh. Jenny Yellen tries to keep

542
00:34:29,200 --> 00:34:31,799
Speaker 1: open the possibility they could do something in April. There's

543
00:34:31,800 --> 00:34:34,239
Speaker 1: no press conference that nobody ever expects something something on

544
00:34:34,320 --> 00:34:37,800
Speaker 1: him there and the in the history of this folks,

545
00:34:37,840 --> 00:34:41,319
Speaker 1: and we can go anyway you want. But whether it's

546
00:34:41,400 --> 00:34:44,560
Speaker 1: Richard timber Lake of Georgia or a guy named Bernankey

547
00:34:44,640 --> 00:34:49,120
Speaker 1: out of Princeton, Um, it's always be who's the central bank?

548
00:34:49,160 --> 00:34:52,320
Speaker 1: To wait, wait, wait, We shift to the realities around

549
00:34:52,360 --> 00:34:55,520
Speaker 1: the world. Sean Newman joins us with Investco. We think

550
00:34:55,520 --> 00:35:00,239
Speaker 1: Investco for the support Mr Newman looks at emerging market

551
00:35:00,320 --> 00:35:03,759
Speaker 1: he's aged over the last ninety days. Um, how is

552
00:35:03,800 --> 00:35:07,400
Speaker 1: your space? I mean, I know it's a coupon space.

553
00:35:07,520 --> 00:35:10,080
Speaker 1: What what do I get this morning for buying Brazil?

554
00:35:10,640 --> 00:35:14,080
Speaker 1: What's my coupon? When MORET and Tom and my thanks

555
00:35:14,080 --> 00:35:17,200
Speaker 1: for having any program. Well, if you're buying, if you're

556
00:35:17,680 --> 00:35:21,000
Speaker 1: buying Brazil today, you're getting a coupon just over six percent.

557
00:35:21,200 --> 00:35:24,680
Speaker 1: But just let's take a step back. Emerging markets a party,

558
00:35:24,680 --> 00:35:26,920
Speaker 1: then the reason as a whole, which includes Latin America,

559
00:35:27,040 --> 00:35:30,040
Speaker 1: Central American Caribbean, it's coming up a bit of a hangover.

560
00:35:30,840 --> 00:35:33,040
Speaker 1: Believe this is the way to the fall in commodity prices,

561
00:35:33,160 --> 00:35:36,800
Speaker 1: the rebands and China slow credit boards and domestic structure constraints.

562
00:35:37,280 --> 00:35:39,399
Speaker 1: And what example of this is Peru where we've seen

563
00:35:39,480 --> 00:35:42,520
Speaker 1: go slow by over half last year and extraange rate

564
00:35:42,560 --> 00:35:50,239
Speaker 1: has depreciated. But over what happens from here now with

565
00:35:50,719 --> 00:35:54,960
Speaker 1: divergence becoming more of a big deal because we have

566
00:35:55,120 --> 00:36:01,120
Speaker 1: seen the markets reacting different ways we say to what

567
00:36:01,520 --> 00:36:06,720
Speaker 1: we might expect. So, um, with emerging markets, what happens

568
00:36:06,760 --> 00:36:11,000
Speaker 1: as we get through this week of very many different

569
00:36:11,040 --> 00:36:16,000
Speaker 1: central bank actions? Great question? So I think what we

570
00:36:16,640 --> 00:36:20,080
Speaker 1: know is that we'll say the phase or domestic demand,

571
00:36:20,120 --> 00:36:22,680
Speaker 1: where do they heavy lifting? Worsting a slowdown and employment

572
00:36:22,840 --> 00:36:25,080
Speaker 1: consumers are spending lessons, They cut back on the purchase

573
00:36:25,120 --> 00:36:28,399
Speaker 1: of importunate items and also in most controlling good ship

574
00:36:28,480 --> 00:36:30,799
Speaker 1: to face in neuralgy, I guess what the parties do well?

575
00:36:31,080 --> 00:36:32,799
Speaker 1: They just can't spend as much as they have in

576
00:36:32,840 --> 00:36:35,680
Speaker 1: the past. Got a positive is the exchange rates are

577
00:36:35,680 --> 00:36:38,720
Speaker 1: no longer fixed, averaging fashness in single digits, and public

578
00:36:38,719 --> 00:36:44,520
Speaker 1: brancies are healthy. When when I look at the emerging

579
00:36:44,600 --> 00:36:48,240
Speaker 1: markets and I see a zillion million people protesting in Brazil,

580
00:36:49,120 --> 00:36:52,680
Speaker 1: there's got to be a huge opportunity within them being

581
00:36:52,719 --> 00:36:56,520
Speaker 1: on the cover of the magazines. How do you determine

582
00:36:56,760 --> 00:37:00,640
Speaker 1: when to buy countries where there's protests, where there's an

583
00:37:00,640 --> 00:37:04,240
Speaker 1: emerging market angst In all that, how do you decide

584
00:37:04,239 --> 00:37:08,560
Speaker 1: when the shift to owning their paper? Well, if if

585
00:37:08,600 --> 00:37:10,120
Speaker 1: we take a look at the reason we brought it,

586
00:37:10,360 --> 00:37:13,960
Speaker 1: define it, divide the region into five opportunities. We have

587
00:37:14,080 --> 00:37:17,759
Speaker 1: them fallen angels, especially in the special situations right and

588
00:37:17,760 --> 00:37:21,400
Speaker 1: starts stave land distress. We access them based on overall prospects,

589
00:37:21,400 --> 00:37:25,000
Speaker 1: the health of the sovereign balance sheet structure scores sensitive

590
00:37:25,040 --> 00:37:28,520
Speaker 1: to commodity prices as well as China and the nominization

591
00:37:28,520 --> 00:37:31,239
Speaker 1: of the US monitory policy. So what do we like

592
00:37:31,480 --> 00:37:33,640
Speaker 1: right now? We'll favors some of the rising stars in

593
00:37:33,640 --> 00:37:38,640
Speaker 1: our in that region, Intentional American, the Caribbeans, Jamaica, Crew, Gotamla, Honduras,

594
00:37:38,640 --> 00:37:44,120
Speaker 1: Dominican Republic, Paragua and Panama. You can buy Honduras paper,

595
00:37:45,440 --> 00:37:48,279
Speaker 1: yes we can. And what is the current point? What

596
00:37:48,680 --> 00:37:55,160
Speaker 1: I've never heard that before? What is the coupons fur trade?

597
00:37:55,160 --> 00:37:59,479
Speaker 1: About thirty five basis points wide in Brazil, which would

598
00:37:59,480 --> 00:38:05,400
Speaker 1: make it a year about six roughly. What's the what's

599
00:38:05,440 --> 00:38:12,760
Speaker 1: the risk premium in Honduras? The risk on a spread

600
00:38:12,800 --> 00:38:16,800
Speaker 1: of a treasure basis that's about four and basis points

601
00:38:16,800 --> 00:38:21,040
Speaker 1: over comparable tenure. And related to the sovereign's outlook is

602
00:38:21,080 --> 00:38:24,120
Speaker 1: really their commitment to hunting, pursuing the series of pist

603
00:38:24,160 --> 00:38:27,200
Speaker 1: color forms which they've been on tracked for the past

604
00:38:27,480 --> 00:38:29,719
Speaker 1: twelve the twenty four months. But we believe that the

605
00:38:29,800 --> 00:38:34,480
Speaker 1: current government has recently reaffirmed their commitment to remain on

606
00:38:34,520 --> 00:38:37,319
Speaker 1: this past. I would think that the prospects, given their

607
00:38:37,719 --> 00:38:40,839
Speaker 1: strong trail linkages with the US as well as they

608
00:38:40,960 --> 00:38:45,840
Speaker 1: benefit Farmer this law and commodity person Browman that theyre

609
00:38:45,840 --> 00:38:48,520
Speaker 1: they have, you know, tail winds behind them. This is

610
00:38:48,560 --> 00:38:50,759
Speaker 1: the first time, folks, we've done this. I just put

611
00:38:50,800 --> 00:38:56,080
Speaker 1: out on Bloomberg Radio Plus the Honduras four year piece

612
00:38:56,200 --> 00:38:59,400
Speaker 1: eight and three quarters. As Mr Newman said, would you

613
00:38:59,440 --> 00:39:03,680
Speaker 1: like to enjoy Mike a twelve percent capital gain while

614
00:39:03,719 --> 00:39:08,319
Speaker 1: you gathered your eight percent? That's not that's not bad.

615
00:39:08,360 --> 00:39:12,759
Speaker 1: What's the currency risk if I own Honduras? Well, the

616
00:39:12,800 --> 00:39:15,920
Speaker 1: concent is freely floating. So again again, one of the

617
00:39:15,960 --> 00:39:17,960
Speaker 1: things that we like about Emergent Marx right now is

618
00:39:18,040 --> 00:39:21,600
Speaker 1: that exchanges are along the fixed so the currency has

619
00:39:21,640 --> 00:39:25,560
Speaker 1: been the natural mechanism to adjust and absorb the shock

620
00:39:25,640 --> 00:39:30,439
Speaker 1: absorber that we've seen as tread balances. I have talked

621
00:39:30,480 --> 00:39:36,239
Speaker 1: to me a, let's talk quickly about Brazil um a

622
00:39:36,400 --> 00:39:40,480
Speaker 1: lot of public anger, big demonstrations over the weekend. Uh,

623
00:39:41,080 --> 00:39:44,960
Speaker 1: what's your read on the likely political outcome and how

624
00:39:45,040 --> 00:39:48,759
Speaker 1: you're investing that now? Well, I think it's going to

625
00:39:48,800 --> 00:39:51,880
Speaker 1: be increasingly difficult for President THEMA to distance herself from

626
00:39:51,880 --> 00:39:54,920
Speaker 1: the lava shot investigation. And we don't beach with serving

627
00:39:55,000 --> 00:39:58,239
Speaker 1: her term as as you mentioned, the massive process this

628
00:39:58,320 --> 00:40:01,520
Speaker 1: weekend and all across the country and even over seventeens

629
00:40:01,560 --> 00:40:04,040
Speaker 1: to do across the world. And we think that this

630
00:40:04,040 --> 00:40:08,000
Speaker 1: would increase pressure on Congress to proceed with impeachment proceedings.

631
00:40:08,400 --> 00:40:11,719
Speaker 1: Nobody that dismissed off as already as me. How did

632
00:40:11,760 --> 00:40:14,480
Speaker 1: you react? Just one final question quickly, how did you

633
00:40:14,560 --> 00:40:18,480
Speaker 1: react with the arrest of Mr Lula? How did you

634
00:40:18,560 --> 00:40:22,720
Speaker 1: react when Mr Lula was arrested. I think that's significant.

635
00:40:22,760 --> 00:40:25,759
Speaker 1: I think it's a testament to the independence of the

636
00:40:25,760 --> 00:40:29,120
Speaker 1: country's institutions. We think this this has sent a crust

637
00:40:29,080 --> 00:40:31,640
Speaker 1: signal that no one is beyond the reach of the law.

638
00:40:31,960 --> 00:40:35,640
Speaker 1: I would think this is going to again, um prevent

639
00:40:35,840 --> 00:40:39,800
Speaker 1: Dilmo from bringing Lula into the government, which would prevent

640
00:40:39,920 --> 00:40:43,120
Speaker 1: him from being investigated any further. Thank you so much

641
00:40:43,200 --> 00:40:45,120
Speaker 1: for new when it's with investor as we look at

642
00:40:45,880 --> 00:40:50,480
Speaker 1: interesting stuff, you know, uh in emerging markets, Mike, I

643
00:40:50,480 --> 00:40:52,840
Speaker 1: I think it's just always amazing to get people on

644
00:40:53,520 --> 00:40:56,800
Speaker 1: outside the box. Not the bank in Japan, not the Fed,

645
00:40:57,400 --> 00:40:59,879
Speaker 1: not a retirement plans, and you and I are looking

646
00:41:00,000 --> 00:41:03,800
Speaker 1: a sex yere Honduras piece. Never did I think I

647
00:41:03,840 --> 00:41:05,520
Speaker 1: would do that. You know, of all the things we've

648
00:41:05,600 --> 00:41:09,000
Speaker 1: learned today, that may be the most interesting. Eight percent coupon,

649
00:41:09,040 --> 00:41:12,359
Speaker 1: twelve percent capital gating off two years ago. It's held

650
00:41:12,440 --> 00:41:15,640
Speaker 1: up value. I don't know what the currencies, don't have

651
00:41:15,680 --> 00:41:18,640
Speaker 1: to figure that out later, but that's extraordinary. Mike. Lineup

652
00:41:18,640 --> 00:41:21,960
Speaker 1: of Central Pink Ballet this week, and let's go right

653
00:41:22,000 --> 00:41:25,480
Speaker 1: to Janet yelling. In my right, it's a boring meeting,

654
00:41:25,520 --> 00:41:27,640
Speaker 1: but I don't never buy it and never buy it. Well,

655
00:41:27,640 --> 00:41:31,160
Speaker 1: it's not gonna be boring there. There could be significant

656
00:41:31,360 --> 00:41:36,840
Speaker 1: um yelling speak that would move markets. Everybody is looking

657
00:41:36,840 --> 00:41:39,120
Speaker 1: for guidance. And of course we get the dot plot,

658
00:41:39,440 --> 00:41:41,680
Speaker 1: a new dot plot for the first time in three months.

659
00:41:41,680 --> 00:41:43,640
Speaker 1: It will be relevant for maybe twenty four hours, and

660
00:41:43,680 --> 00:41:46,360
Speaker 1: people will trade on that. And it's cultural, a code

661
00:41:46,360 --> 00:41:49,479
Speaker 1: of free right. Well, the last one was as well,

662
00:41:50,080 --> 00:41:53,920
Speaker 1: since they don't buy tradition participate at their last meeting.

663
00:41:53,920 --> 00:41:59,560
Speaker 1: But it's more than it's um cashcari involved. Okay, never don't.

664
00:41:59,680 --> 00:42:02,400
Speaker 1: It'll be great. Michael McKee and myself and Scarlet Food

665
00:42:03,080 --> 00:42:06,640
Speaker 1: will give you coverage. We have terrific guests lined up.

666
00:42:06,680 --> 00:42:07,960
Speaker 1: We're not going to tell you who they are yet,

667
00:42:08,000 --> 00:42:11,279
Speaker 1: because it's a movable feast based on our guests incredibly

668
00:42:11,320 --> 00:42:14,759
Speaker 1: busy schedules and their real desire. We're just flattered by

669
00:42:14,800 --> 00:42:18,040
Speaker 1: how people are definitely worth your time. Yeah, literally try

670
00:42:18,120 --> 00:42:21,600
Speaker 1: to change their plane schedules and their business schedules for

671
00:42:21,640 --> 00:42:23,880
Speaker 1: the privilege of being on with Scarlet Food. It's amazing.

672
00:42:24,120 --> 00:42:26,120
Speaker 1: You put Scarlet Food on Mike and just all the

673
00:42:26,160 --> 00:42:28,799
Speaker 1: guests change, people show up. I mean, that's all there

674
00:42:28,920 --> 00:42:32,279
Speaker 1: is to it. Bloomberg Radio, Bloomberg Television, all that worldwide

675
00:42:32,280 --> 00:42:36,640
Speaker 1: for you Wednesday, Bank of Japan, the Fed Wednesday the

676
00:42:36,680 --> 00:42:39,000
Speaker 1: Fed and then onto the Bank of England as well.

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Speaker 1: We are produced by y U N Can fail you,

678
00:42:42,280 --> 00:42:45,680
Speaker 1: our global technical director. This is Bloomberg's surveillance